Access Bank (UK) Limited to Acquire Majority Stake in AfrAsia Bank, Expanding Pan-African Presence
In a landmark move, Access Holdings PLC has announced that its subsidiary, The Access Bank UK Limited, has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, Mauritius’ third-largest bank by total assets.
This acquisition positions Access Bank to capitalize on Mauritius’ thriving financial services sector, which contributes 13.4% to the nation’s GDP. Known for its strategic importance as a financial hub, Mauritius will serve as a launchpad for Access Bank’s expansion into high-growth personal and corporate banking segments while boosting its trade finance capabilities across Africa and beyond.
AfrAsia Bank, with total assets exceeding $5.7 billion and a net profit after tax of $152.4 million as of June 30, 2024, represents a significant addition to Access Bank’s growing portfolio.
Speaking on the acquisition, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, emphasized its importance in the group’s broader strategy:
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution. Mauritius offers immense potential as an international financial hub, and through AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region.”
Jamie Simmonds, Managing Director of The Access Bank UK, highlighted AfrAsia Bank’s potential to drive long-term growth:
“With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale and achieve long-term profitability. This deal aligns with our strategy to diversify and future-proof our earnings while offering bespoke solutions for our clients to access global markets with ease.”
This acquisition underscores Access Bank’s commitment to fostering sustainable growth, facilitating trade across Africa and globally, and delivering innovative financial solutions.
The transaction is expected to be finalized in the coming months, with Access Bank pledging to maintain transparency throughout the process.
Source: Access Bank
